TRX GOLD Corp
For the period ended Aug 31, 2024. Filed Nov 29, 2024.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Nov 29, 2024
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Contents
EX-99.3 · Mining and Processing
Mining and Processing
| · | During the twelve months ended August 31, 2024, Buckreef Gold regretfully reported one LTI at site. The accident occurred in March 2024, and the employee has since made a full recovery. For the three and twelve months ended August 31, 2024, including contractors, Buckreef Gold recorded a safety incident frequency rate of 1 (per million hours). Buckreef Gold has since achieved, for a third time, 1 million hours lost time injury free work following this incident. The Company’s two main contractors, FEMA Builders Limited (“FEMA”) and STAMICO, recorded a safety incident frequency rate of 0 (per million hours). |
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| · | During Q4 2024, Buckreef Gold poured 5,767 ounces of gold (Q4 2023: 4,965 ounces) and sold 5,715 ounces of gold (Q4 2023: 4,796 ounces). The increase in gold production in Q4 2024 compared to the prior year period is mainly attributable to higher mill throughput of 1,542 tpd (Q4 2023: 801 tpd) following completion of the 2,000 tpd processing plant in Q4 2024. The higher mill throughput more than offset a lower average recovery of 77% (Q4 2023: 88%) and lower average head grade of 1.66 g/t (Q4 2023: 2.41 g/t). The lower average recovery in Q4 2024 was mainly due to a higher proportion of blended material processed in Q4 2024 (34% oxide / 66% sulphide) compared to the prior year period where the mill processed 100% oxide material at a higher average recovery. For the twelve months ended August 31, 2024, the Company produced 19,389 ounces of gold and sold 19,075 ounces of gold, a slight decrease in gold production compared to the prior year period mainly due a lower average recovery of 79% (2023: 90%) and lower average head grade of 2.19 g/t (2023: 2.38 g/t), partially offset by higher mill throughput of 973 tpd (2023: 852 tpd) following completion of the 2,000 tpd processing plant in Q4 2024. To assist in optimizing recovery for 2025, the Company has engaged an external consulting firm that specializes in comminution to help analyze the processing circuit configuration to identify gaps and optimization potential. The study expects to improve grindability (finer grind) and gold recovery, consistent with the results announced upon completion of the metallurgical variability study. |
| · | Total ore tonnes mined of 119 kt in Q4 2024 were slightly below the prior year period (Q4 2023: 168 kt), as mining activities focused on a second layback at the north end of the main zone where fewer ore tonnes were mined compared to the first layback in the prior year period. Waste tonnes mined increased to 1,250 kt (Q4 2023: 659 kt) in Q4 2024 as stripping activities focused on accelerating the pit expansion to the north end of the main zone in the second layback to expose ore for H1 2025. As a result of the increased stripping activity, the higher proportion of waste to ore tonnes contributed to a higher strip ratio of 10.5 (waste:ore tonnes) compared to the prior year period (3.9 waste:ore tonnes). |
| · | During the twelve months ended August 31, 2024, total tonnes mined of 3,245 kt was in line with the prior year period (2023: 3,153 kt). As mining activity began to focus on waste stripping in Q4 2024, the Company accessed a higher proportion of waste tonnes to ore tonnes compared to the prior year period, contributing to a slightly higher strip ratio of 6.9 (waste:ore tonnes) (2023: 5.6 waste:ore tonnes). |
| · | During Q4 2024, the Company entered into a finance lease agreement for fifteen pieces of heavy equipment, including six excavators, one dozer, one motor grader, one backhoe, one compactor, and three loaders. Half of this fleet will replace rented equipment currently operating in the plant, while the remaining equipment will be utilized in site development projects, roadway construction, and maintenance. Additionally, this equipment is capable of supporting and supplementing, when necessary, the contract mining fleet at the site. Subsequent to August 31, 2024, the Company also entered into a purchase agreement to procure a fleet of eight haul trucks to expand haulage capability and capacity. The Company intends to use two of the newly procured owner-operated fleet within the plant, while the remainder will be used to haul materials for the site development crew. As is customary with Buckreef Gold, all equipment must have a dual purpose, thus these trucks are also capable of providing transport services to a contractor-owned mining fleet, as necessary. The Company is currently exploring all opportunities to utilize site equipment to its fullest capacity, with a focus on reducing mining costs. |
Management’s Discussionand AnalysisAugust 31, 2024
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